Omnis

Simple example.

A business makes $1.3M in revenue and keeps $300k.

The next year, revenue grows to $2.3M.

What do they keep?

Still $300k.

That means the extra $1M in revenue was fully consumed by the costs required to generate it. The business became bigger, but not more profitable.

The problem is many owners only discover this after the financial year is already over because they rely on compliance financials as their main source of truth.

Compliance financials are built for tax and reporting obligations. Management accounting is different. It focuses on the operational health of the business through margins, cash flow, cost control, forecasting, and profitability in real time.

One tells you if the business is compliant.

The other tells you if the business is healthy.

Before lodging BAS, review your GST credit claims carefully.
https://omnisgroup.com.au/gst-credits-and-bas-what-can-and-cannot-be-claimed/

Ensure purchases are eligible, correctly apportioned and supported by valid tax invoices.

GST Credits and BAS: What can (and cannot) be claimed - Omnis Before lodging your BAS, review GST credit claims carefully. Ensure purchases are eligible, correctly apportioned and supported by valid tax invoices.